When terrance sent his daughter to college, he purchased a house near campus for $95,000. empty lots in the area sold for approximately $10,000 at the time. after she graduated, terrance decided to keep the house for use as a rental. the fair market value at the time of the conversion was $160,000 and the price of the land had risen to $20,000. the basis for depreciation of the house is
a. $140,000
b. $105,000
c. $95,000
d. $85,000
Answers: 2
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